The gems included, “A bookstore? In 2024?”, “Not exactly what we imagined for you, Dylan” and “What is this, 1999?” he told readers of his start-up diary.
On the eve of Book Hero’s launch (it’s officially open for business as of today, October 21), he told the Herald that while he owns an Amazon Kindle, “Nothing beats a physical book. The battery doesn’t go flat. You can walk into someone’s house and see their bookshelf and it’s a great conversation-starter. They’re great gifts. You can lend them to people. They’re ideas in physical form. I’m happy to do anything I can to encourage more people to buy books.”
He adds: “We’re all addicted to our phones. I’m as guilty as anyone. If I’m waiting for an appointment, I’m on my phone. If I’m trying to sleep, I’m on my phone. Whenever I make a decision to replace it with a book, I always feel better.”
Book Hero offers some 10,000 titles. There are titles from all genres, but non-fiction is something of a speciality. “I think we’ll have New Zealand’s best range of biographies,” Bland says.
The Herald spots Walter Isaacson’s iconic Steve Jobs, along with non-fiction titles from the likes of Bill Bryson and Jeremy Clarkson. One of Bland’s colleagues, Tim Wackrow (another Mighty Ape alum), says Book Hero is also well-stocked with science fiction and fantasy. Bland pulls a book at random. It’s a history of the Harrier jump jet. A spot audit of titles by NZME staff finds Matt Heath’s A Life Less Punishing and Liam Dann’s BBQ Economics both onhand.
Business books and philosophy also feature. Bland says William Mulligan’s The Everyday Stoic is one of his favourite books – and Ryan Holiday, an exponent of Stoicism in modern life and business, one of his favourite authors.
“Starting a business is scary, even if you’ve done it before. You get a lot of people picking holes. So I had one of his books, Courage is Calling, on my desk the entire time I was working on this business – to remind myself I can do it, and there are many people out there who have done far more difficult things. You’ve just got to get on with it, really,” Bland says.
Local advantage
Bland sees local warehousing and quick delivery – or immediate pick-up – as a key advantage (taking something of a leaf out of Mighty Ape’s book).
“You’ve got a choice. You can order from an Amazon or a Fishpond and wait, or get delivery from us overnight,” Bland says.
Or you can pick up in person from Book Hero’s warehouse in Hobsonville, in Auckland’s northwest, and have a chat.
Bland’s already mulling a warehouse four or five times the size, which could potentially offer local wholesaling for the industry as a whole.
And he’s eyeing a book experience. He remembers when Borders had a giant store, complete with a cafe, on Queen Street.
“In my 20s, I used to go there on a Friday night. I think people miss it,” he says.
Watch this space. This stoic is a doer.
Where are the other Mighty Apes?
Simon and Vicky Barton moved to Northland (where they both grew up). They spend time fishing and with family but also own wholesale business for fishing gear called Monster Distribution.
Long-time sales and marketing lead Gracie MacKinlay, who was named Chief Gorilla (CEO) after Simon Barton departed at the end of his two-year earn-out period, left the business in April this year. In September, Media and Communications Minister Paul Goldsmith appointed her to the board of RNZ.
AI deepfakes – be hyper-alert
The Herald on Sunday reports a Taranaki grandmother lost $224,000 to an AI (artificial intelligence) deepfake scam featuring Prime Minister Christopher Luxon – or at least an AI-generated version of the PM, pushing a bogus crypto currency investment.
You might think, “I’d never get taken in” or “It’s an unlikely story – and some deepfakes are pretty ropey.
Think again. Some are super-slick. Zuru Toys’ chief financial officer recently came within a whisker of being fooled by a deepfake video version of his boss Nick Mowbray that was described as “mindblowingly realistic”.
We’re at a dangerous point where social media platforms have lightly-policed account verification rules and lawmakers, tech firms and law enforcement authorities are struggling to keep up with the pace of the new threats.
Do investors trust AI for stock market predictions?
Nope.
Despite the growing sophistication of artificial intelligence, investors prefer human expertise when it comes to stock market predictions, according to a new study by Auckland University and Belgium’s KU Leuven.
The study, which involved 3,600 US participants, examined responses to S&P 500 stock predictions made by human analysts, AI systems and a combination of both.
Researchers Dr Gertjan Verdickt, a finance lecturer at Auckland University’s Business School, and Francesco Stradi (KU Leuven), say the findings challenge the assumption that AI’s data-crunching prowess might automatically earn investor trust.
“We found that investors are more likely to believe human analysts first, followed by a combination of both human and AI,” says Verdickt.
“AI-generated predictions are viewed with the most scepticism.”
He says this result was somewhat surprising in light of recent developments in AI technology.
“Previous studies have shown that AI can outperform human analysts, but it’s apparent that trust is a major issue.”
The results also showed notable differences between genders, with women showing more openness to AI-driven advice than men.
“Men tend to be overconfident in their financial abilities, which may explain why they are more sceptical of AI,” says Verdickt.
“Also, we have seen in other studies that women, on average, get different and often worse advice from financial advisers, such as recommendations for products with higher fees and less risk.”
The findings also show that investors with a deeper understanding of AI are more likely to trust its predictions.
To explore whether using more familiar AI tools could boost trust, the researchers also tested whether investors would view the well-known large language model ChatGPT more favourably.
“Contrary to recent research suggesting familiarity enhances trust in technology, our results indicate that replacing ‘AI’ with ‘ChatGPT’ does not improve investor trust. In fact, we find that investors distrust ChatGPT-generated advice, perhaps even more than the generic ‘AI model’ we reference in our study.”
Verdickt says the findings show that technical effectiveness alone can’t gain investor trust.
“We are the first to study investors’ reactions to AI forecasts from a perspective of credibility and beliefs. Our findings show that financial institutions should approach AI integration cautiously and consider tailored communication strategies for different demographics.”
The researchers say regulators should develop guidelines for disclosing and explaining the use and process of AI in financial analysis.
The Financial Markets Authority (FMA) has been fact-finding over the past few months as it weighs its response to artificial intelligence.
“The FMA is technology-neutral and pro-innovation. We believe that New Zealanders should have access to the same technological advancements as those in other countries,” FMA chief economist Stuart Johnson said last month.
“We want to see firms leverage AI to improve consumers’ experiences in financial markets and services. We are pleased that our discussions with stakeholders have revealed that firms are adopting AI with the goal of improving customer outcomes.”
FMA executive director, strategy Daniel Trinder said: “Over time we will assess whether our regulatory framework needs strengthening to support better deployment of Gen AI.”
Wellington gets a new tech hub
Victoria University has opened a new “innovation and entrepreneurial co-working hub”.
The shared workspace is called the Taiawa Wellington Tech Hub and is located in Rutherford House on the University’s Pipitea campus and features 51 desks.
The first wave of tenants includes climate tech businesses Cogo and CarbonInvoice, botanical prescription drug developer Evithé Bio, and scientific literature review assistant Litmaps.
“It comes from a recognition that Rutherford House is the ideal place in the perfect location to host a co-working space like this. Opening up our buildings to the city in this way can create great synergies and value, not just for our students and researchers, but for Wellington’s business community,” says professor Stephen Cummings, co-director of the university’s innovation space The Atom – Te Kahu o Te Ao.
Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer.
